USD/JPY waiting for a choice of movement trajectory | 12 Tháng hai 2024

12 Tháng hai 2024, USD/JPY

USD/JPY waiting for a choice of movement trajectory

USDJPY:

The Japanese Yen (JPY) remains in a sideways consolidation on the first day of the new week and is close to the lowest level since 23 November against the US dollar. Bullish sentiment in global equity markets and recent dovish remarks from Bank of Japan (BoJ) Deputy Governor Shinichi Uchida continue to weaken the safe-haven Yen. However, investors appear to believe that the BoJ will eventually abandon its ultra-soft monetary policy after the annual wage talks in March. Furthermore, low liquidity during Japan's National Fund Day holiday is deterring bears from making new JPY bets.

Meanwhile, the US Dollar (USD) continues to struggle to gain momentum due to uncertainty over the Federal Reserve's (Fed) interest rate cuts. As a result, the USD/JPY pair showed limited range-bound price action during Monday's Asian session. Traders may also choose to wait for the release of significant US consumer inflation data on Tuesday, followed by monthly retail sales and producer price index (PPI) data on Thursday and Friday, respectively. This data will provide insight into the Fed's rate cut strategy, which will play a crucial role in influencing USD price dynamics and determining the currency pair's near-term trajectory.

Trade recommendation: Trading in the price range 149.00-149.80

Increase the volume of trades and triple your profits with Deposit bonus 300%. Trade actively and convert the bonus into real withdrawable funds. And don't delay, the offer is available until the 31th of March!

David Johnson
Analyst of «FreshForex» company
Đồng ý với đánh giá?
Ý kiến ​​của thương nhân:
Close
Đăng nhập
Trình duyệt của bạn không hỗ trợ cookie Nếu cookie đã bị vô hiệu trong trình duyệt Internet của bạn, bạn có thể gặp vấn đề với việc hiển thị Khu vực cá nhân. Cách bật hỗ trợ cookie .